Friday, January 29, 2010

Greenspan Has Left The Building

I believe that the score of the Superbowl will be as close as the Bernanke vote yesterday. Bernanke by 10.

"The Senate confirmed Ben Bernanke for another four-year term as Federal Reserve chairman Thursday afternoon, ending speculation that anger over Wall Street bailouts could cost Bernanke his job. New Mexico's two democratic senators Jeff Bingaman and Tom Udall voted for confirmation. Bernanke was confirmed by a 70-30 margin. The Senate earlier voted 77-23 to end debate on Bernanke’s nomination, easily clearing the 60-vote hurdle needed to move to a confirmation vote. Bernanke’s confirmation came only three days before his current term is scheduled to expire. Opponents of Bernanke blame him for not preventing the financial crisis of 2008. “Chairman Bernanke was asleep at the switch while Wall Street became the largest gambling casino in the history of the world and hurtled into insolvency,” said Sen. Bernard Sanders, I-Vt. “His failure to adequately regulate financial institutions should not be rewarded with a reappointment.”
Source: New Mexico Business Weekly

The tide has definitely shifted for Mr. Bernanke. I predict that he won't finish his term. The Great Maestro, Greenspan, exited the building just in time.

"I will predict that this will be the "last high point" in Mr. Bernanke's career."
Random Roving - December 17, 2009

"today he’s probably best described as the 'fall guy'"
Random Roving - September 30, 2008"

"And how about Fed Chairman Bernanke. He’s holding Greenspan’s bag and trying to figure out what to do. He’s standing at the podium trying to explain Greenspan’s sins. Isn’t it ironic that he’s a student of The Great Depression?"
Random Roving - September 30, 2008

"The “mob” has emerged and they’re seeking someone to lynch (ask Martha Stewart, George Bush, Jeff Emmelt, Ben Bernanke, and Brittany Spears)."
Random Roving - March 24, 2009

"This, my friends, illustrates the power of the Federal Reserve and aggressive "money printing". The patient is dying on the table, and doctors Greenspan and Bernanke keep it alive for a little bit longer. How long do we really want the patient on life support? If death is inevitable, lets make peace with the patient and let nature takes its course."
Random Roving - March 27, 2009

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